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Shared Ownership fixed rate until 27 May 2022 - 95% LTV

With a Shared Ownership mortgage, you can buy a share of the property and pay a rent on the rest. Then, over time you can buy more shares, until you own your own home completely. This product is a fixed rate mortgage in which your monthly payments stay the same up to 27 May 2022. At the end of the fixed period the interest rate will change to our Standard Variable Rate (SVR). For more information on Shared Ownership, please refer to our Mortgages Explained leaflet

Shared Ownership fixed rate until 27 May 2022 - 95% LTV

Key Features

Product Initial Interest
Rate
Period Max
LTV
Fees
Shared Ownership fixed rate until 27 May 2022 - 95% LTV 4.89% Fixed Fixed until 27/5/2022 95% No Fees

A mortgage of £84,787 payable over 27 years initially on a fixed rate for 4 years and 5 months at 4.89% and then on our standard variable rate, currently 4.2% for the remaining 22 years and 7 months would require 53 monthly payments of £471.86 and 271 monthly payments of £442.22 plus one initial interest payment of £56.80.

The total amount payable would be £145,022.00 made up of the loan amount plus interest of £60,120 and a MEAF of £115.

The overall cost for comparison is 4.5% APRC representative.

* Rates above are based on a purchase share of the property between 25% and 75% and a deposit of at least 5%. The actual rate will depend on your circumstances. Ask for a personalised illustration.

Minimum share of property being purchased:

25%

Minimum deposit from applicant as a % of the share of the property being purchased:

 5%

Is an Early Repayment Charge (ERC) payable?:

  • The Early Repayment Charge (ERC) applies from the date of completion.
  • For this product the ERC period is until 27 May 2022.
  • The ERC is 5% until 27 May 2018, 4% until 27 May 2019, 3% until 27 May 2021 and 2% until 27 May 2022 of the original loan amount (or the balance outstanding on the date an existing mortgage is transferred to this product).
  • During the ERC period you are permitted to make overpayments up to 10% of the original loan amount (or the balance outstanding on the date an existing mortgage is transferred to this product) per year. If overpayments exceed 10% in a year during the ERC period, you will have to pay the relevant ERC percentage rate on the amount of overpayment exceeding the permitted level.
  • The full ERC is payable on the original loan amount (or the balance outstanding on the date an existing mortgage is transferred to this product) if you repay your mortgage in full during the ERC period. The ERC will also be levied on previously permitted overpayments.

Fees:

Mortgage Exit Administration Fee (MEAF): £115

Standard mortgage valuation fee:

Newbury Building Society will pay for one standard mortgage valuation. 

LIMITED AVAILABILITY - PRODUCT MAY BE WITHDRAWN WITHOUT NOTICE

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

 

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Please note
You can use our mortgage calculator to find out how much your initial monthly mortgage repayments are likely to be. This can help you estimate the size of mortgage you can afford at a particular interest rate. It is important to remember that the figures are only a guide; the exact cost will depend on the particular mortgage you have. Newbury Building Society will provide those figures as part of your Key Facts® documentation.

How to apply
Please contact us to arrange an appointment with one of our qualified mortgage advisers where you will be provided with your Key Facts® documentation:

Telephone: 01635 555777

Click here to find your nearest branch

THIS INFORMATION DOES NOT CONTAIN ALL OF THE DETAILS YOU NEED TO CHOOSE A MORTGAGE.

MAKE SURE THAT YOU READ THE SEPARATE KEY FACTS ILLUSTRATION BEFORE YOU MAKE A DECISION.

Additional Information

Availability
Properties must be located in the following post code areas; AL, BA, BH, BN, BR, BS, CB, CM, CO, CR, CT, DA, DT, EN, EX, GL, GU, HA, HP, HR, IG, IP, KT, LU, ME, MK, NN, OX, PL, PO, RM, RG, RH, SG, SL, SM, SN, SP, SO, SS, TA, TN, TQ, TR, TW, UB, WD and WR. Products are available to those purchasing their residential home, on a shared ownership basis, subject to product terms. The mortgage term must be between 5 and 35 years. The mortgage must be on a capital and interest repayment basis. Minimum property value of £125,000.

Loan size:

£50,000 (Min) - £250,000 (Max)

Interest
Mortgage interest is charged on a daily basis.

Legal costs 
Legal work is required when buying your home. The legal work is carried out by a solicitor and is payable by you. We can use the same solicitors as you, providing there is a minimum of four Approved Managers/License Holders and they are registered on The Law Society website (www.lawsociety.org.uk).

Licensed conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licensed Conveyancers and be in a firm with at least four Approved Managers/License Holders.

Incentives 

  • Free valuation
  • Overpayments allowed
  • Portable

We will carry out a standard mortgage valuation at our cost, providing the mortgage completes. If the mortgage does not complete and the valuation has been carried out, you are responsible for paying it. Where the valuation fee is payable, our normal scale of valuation fees apply. You can upgrade to a Home Buyers report if you wish and if you would prefer a full building survey, we can give you the names of some local surveyors who can organise this for you (see our Mortgages explained PDF for valuation and home buyer fees).  

Qualification 
You need to be accepted by a Help to Buy agent for the Shared Ownership scheme.

Share of property 
Your share of the property must be between 25% and 75% of the purchase price or valuation (the lower of the two). You can borrow up to 95% of your purchase share.

Fees
A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges leaflet and your Key Facts Illustration (KFI) for details.

Timescales
House purchases must complete within three months of the date of the formal mortgage offer. After 3 months we cannot guarantee the availability of the fixed rate.

For new build properties the mortgage offer is valid for up to 6 months. The application must be able to complete in the product timescales. Therefore, the new build property must be completed and available for occupation within 6 months of the mortgage offer.

Portability 
All our mortgages are portable, which means that if you move house within an early repayment charge period the product can be transferred to your new mortgage, up to the value of the product outstanding at redemption, without charge. If the loan amount on your new mortgage is lower, there may be a charge based on the difference between the old and the new loan amount.

Other charges
Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of charges PDF, which you will be given before your mortgage completes.

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Newbury Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 206077). Registered office: Newbury Building Society, 17 Bartholomew Street, Newbury, Berkshire, RG14 5LY.

English law applies and we will communicate with you in English. We are participants of the Financial Ombudsman Service. We have a complaints procedure which we will provide on request. Most complaints that we cannot resolve can be referred to the Financial Ombudsman Service.

You can check the Financial Services register on the FCA's website.

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Local Branch:
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